Question: Round $54.\overline{54}$ to the nearest hundredth.
Answer: To round $54.\overline{54}$ to the nearest hundredth, we must look at the hundreds and the thousands digits of the number in question. We write it as \[54.\overline{54} = 54.5454\overline{54}.\]Since the thousands digit ($5$) is greater than or equal to $5$, the hundreds digit $4$ rounds up to $5$. Therefore, $54.\overline{54}$ rounded to the nearest hundredth is equal to $\boxed{54.55}$.